Prabhu Life Insurance Calls SGM and Mahalaxmi Life Insurance Calls 5th AGM on Jestha 26 to Endorse Merger-Related Agendas
Fri, May 19, 2023 9:55 AM on Latest, Dividend, Bonus & Rights, AGM/Special AGM, Merger/Acquistion,
Prabhu Life Insurance Limited (PLI) and Mahalaxmi Life Insurance Limited (MLICL) have called their Special General Meeting (SGM) and 5th AGM on 26th Jestha, 2080 respectively. The meeting of MLICL will be held in Hotel Akama, Dhumabarahi while PLI's meeting will be held in Lainchaur Banquet, Lainchaur. Both meetings will start at 11 AM that day.
The SGM/ AGM will pass a resolution regarding evaluating and endorsing the Due Diligence Audit, Due Diligence Report, Memorandum of Understanding, and Scheme of Arrangement and endorse a share swap ratio of 1:1 for a merger between Prabhu Life Insurance (PLI) and Mahalaxmi Life Insurance Limited (MLICL). The meeting will also approve a proposal to start the joint transaction under the name "Prabhu Mahalaxmi Life Insurance Limited" after the successful merger.
As the companies' capital will increase after the merger, pass the resolution to amend the Articles of Association accordingly. The proposal to provide the BoDs authority to oversee all the procedures related to the merger and necessary amendments to be done as directed by regulatory bodies will be approved during the meeting.
Furthermore, PLI's meeting will endorse 9.8% bonus shares worth Rs. 19.60 crores and 0.5158% cash dividend worth Rs. 1.03 crores from the paid-up capital of Rs. 2 Arba for FY 2077/78.
